SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 26, 1998
Financial Asset Securitization, Inc.
Mortgage Participation Securities Series 1997 NAMC1
(Exact name of registrant as specified in its charter)
Virginia 0-15483 53-1526174
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
901 East Byrd Steet
Richmond, Virginia 23219
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item 5. Other Events
On behalf of Financial Asset Securitization, Inc. Mortgage
Particiption Securities, Series 1997-NAMC 1, a Trust creat-
ed pursuant to the Pooling and Servicing Agreement, dated
April 1, 1997, by The First National Bank of Chicago, as
trustee for the Trust, the Trustee has caused to be filed
with the Commission, the Monthly Report dated May 26,
1998. The Monthly Report is filed pursuant to and in
accordance with (1) numerous no-action letters (2) current
Commission policy in the area. The filing of the Monthly
Report will occur subsequent to each monthly distribution
to the holders of the Certificates, Due May 25, 2027.
A. Monthly Report Information:
See Exhibit No. 1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certifi-
catholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1.
Reimburse-
Realized ment of
Beginning Loss of Realized Remaining
Class Balance Principal Interest Principal Losses Balance
FXA-1 2059574 1903856 11843 0 0 155717
FXA-2 20344362 14168 131391 0 0 20330194
FXA-3 11623696 0 71195 0 0 11623696
FXA-4 13200375 0 82502 0 0 13200375
FXA-5 5125000 0 33099 0 0 5125000
FXA-6 4001000 0 25840 0 0 4001000
FXA-7 1000000 0 6458 0 0 1000000
FXA-8 12933612 2157704 65813 0 0 10775909
FXA-9 12933612 NA 25800 NA 0 10775909
FXP 79926 63 NA 0 0 79863
FXS 6685037 NA 43174 NA 0 6349043
A-1 29442587 2671897 190150 0 0 26770690
A-2 6962000 0 44963 0 0 6962000
A-3 1951000 0 12600 0 0 1951000
A-4 13582581 10415 87721 0 0 13572166
P 1028020 20534 NA 0 0 1007485
S 741082 NA 4786 NA 0 661045
B-1 5149307 3733 33256 0 0 5145574
B-2 2094633 1519 13528 0 0 2093115
B-3 1309146 949 8455 0 0 1308196
B-4 785487 569 5073 0 0 784917
B-5 436383 316 2818 0 0 436066
B-6 698212 506 4509 0 0 697706
R 0 0 0 0 NA 0
RP 0 0 0 0 NA 0
Reimbur-
ment of
Beginning Realized Remaining
ClassBalance Principal Interest Losses Balance
FXA-1 136.770647 126.429882 0.786431 0.000000 10.340764
FXA-2 992.407921 0.691140 6.409301 0.000000 991.716781
FXA-31000.000000 0.000000 6.125000 0.000000 1000.000000
FXA-41000.000000 0.000000 6.250000 0.000000 1000.000000
FXA-51000.000000 0.000000 6.458334 0.000000 1000.000000
FXA-61000.000000 0.000000 6.458333 0.000000 1000.000000
FXA-71000.000000 0.000000 6.458330 0.000000 1000.000000
FXA-8 467.494019 77.991635 2.378863 0.000000 389.502384
FXA-9 467.494019 0.000000 0.932553 0.000000 389.502384
FXP 982.021649 0.772340 0.000000 0.000000 981.249309
FXS 685.596952 0.000000 4.427814 0.000000 651.138389
A-1 677.707444 61.501537 4.376861 0.000000 616.205907
A-2 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-3 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-4 991.429271 0.760250 6.402981 0.000000 990.669020
P 945.104865 18.878169 0.000000 0.000000 926.226696
S 616.684469 0.000000 3.982750 0.000000 550.082465
B-1 992.010631 0.719195 6.406735 0.000000 991.291436
B-2 992.010634 0.719194 6.406735 0.000000 991.291440
B-3 992.010640 0.719192 6.406737 0.000000 991.291448
B-4 992.010626 0.719198 6.406740 0.000000 991.291429
B-5 992.010652 0.719191 6.406727 0.000000 991.291461
B-6 992.010968 0.719018 6.406743 0.000000 991.291951
R 0.000000 0.000000 0.000000 0.000000 0.000000
RP 0.000000 0.000000 0.000000 0.000000 0.000000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Financial Asset Securitization, Inc.
By /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President,
The First National Bank of Chicago
Dated: May 26, 1998
